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INCREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately greater increase in production. Increasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by more than 10%. You might want to compare decreasing returns to scale and constant returns to scale.
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PHENOMENON An event or action that is subject to investigation, analysis, and explanation using the scientific method. Phenomena are the sorts of things that science seeks to explain. They can be common events, like the blowing wind, or unusual, like the extinction of the dinosaurs.
Complete Entry | Visit the WEB*pedia |
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Try not to become a man of success but rather to become a man of value. " -- Albert Einstein
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ACH
Automated Clearinghouse
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